Investing.com – Gold futures were up for a fourth day on Thursday, trading just below the psychologically-important level of USD1,800-an-ounce as ongoing concerns over the global economic outlook boosted the precious metal ahead of the release of key U.S. inflation data.
On the Comex division of the New York Mercantile Exchange, gold futures for October delivery traded at USD1,796.85 a troy ounce during early European morning trade, gaining 0.31%.
It earlier rose as much as 0.35% to trade at USD1,797.35 a troy ounce, the highest price since August 11, when prices rose to a record high of USD1,815.65 a troy ounce.
Concerns over the economic outlook for the euro zone were underscored after European Central Bank Governing Council member Ewald Nowotny said that he was more concerned over entering a phase of slow growth and low inflation than the risks posed by high inflation.
Nowotny added that growth in the U.S. was likely to continue, albeit at a more modest pace than previously expected.
On Wednesday, gold prices were boosted after a meeting between German Chancellor Angela Merkel and French President Nicolas Sarkozy failed to ease concerns over the euro zone’s ongoing sovereign debt crisis.
Global financial service provider Barclays said in a report late Wednesday that, “Although profit-taking, margin requirement hikes and seasonally soft physical demand could temper the rally intermittently, the external environment has turned increasingly fertile for gold."
Meanwhile, Venezuelan President Hugo Chavez said Wednesday that he intends to move forward and repatriate as much as USD11 billion in gold reserves held in the U.S. and Europe in order to nationalize the country’s gold holdings.
According to Chavez, Venezuela will transfer 99 tons of gold from the Bank of England to the country’s central bank.
In addition, Venezuela holds gold at Wall Street firm JP Morgan Chase, U.K. lenders Barclays and Standard Chartered as well as Canada-based Bank of Nova Scotia.
Elsewhere on the Comex, silver for September declined 0.75% to trade at USD40.11 a troy ounce, while copper for September delivery shed 0.48% to trade USD4.022 a pound.
Later in the day, the U.S. was to publish a flurry of economic data, which will help traders gauge the strength of the U.S. economic recovery.
The country was to produce government reports on initial jobless claims, consumer price inflation, existing home sales, manufacturing activity in Philadelphia as well as a report on natural gas stockpiles.
On the Comex division of the New York Mercantile Exchange, gold futures for October delivery traded at USD1,796.85 a troy ounce during early European morning trade, gaining 0.31%.
It earlier rose as much as 0.35% to trade at USD1,797.35 a troy ounce, the highest price since August 11, when prices rose to a record high of USD1,815.65 a troy ounce.
Concerns over the economic outlook for the euro zone were underscored after European Central Bank Governing Council member Ewald Nowotny said that he was more concerned over entering a phase of slow growth and low inflation than the risks posed by high inflation.
Nowotny added that growth in the U.S. was likely to continue, albeit at a more modest pace than previously expected.
On Wednesday, gold prices were boosted after a meeting between German Chancellor Angela Merkel and French President Nicolas Sarkozy failed to ease concerns over the euro zone’s ongoing sovereign debt crisis.
Global financial service provider Barclays said in a report late Wednesday that, “Although profit-taking, margin requirement hikes and seasonally soft physical demand could temper the rally intermittently, the external environment has turned increasingly fertile for gold."
Meanwhile, Venezuelan President Hugo Chavez said Wednesday that he intends to move forward and repatriate as much as USD11 billion in gold reserves held in the U.S. and Europe in order to nationalize the country’s gold holdings.
According to Chavez, Venezuela will transfer 99 tons of gold from the Bank of England to the country’s central bank.
In addition, Venezuela holds gold at Wall Street firm JP Morgan Chase, U.K. lenders Barclays and Standard Chartered as well as Canada-based Bank of Nova Scotia.
Elsewhere on the Comex, silver for September declined 0.75% to trade at USD40.11 a troy ounce, while copper for September delivery shed 0.48% to trade USD4.022 a pound.
Later in the day, the U.S. was to publish a flurry of economic data, which will help traders gauge the strength of the U.S. economic recovery.
The country was to produce government reports on initial jobless claims, consumer price inflation, existing home sales, manufacturing activity in Philadelphia as well as a report on natural gas stockpiles.